I'm a complete and total noob when it comes to bike repair (I've changed some intertubes and adjusted some breaks but not much beyond that), but am pretty mechanically inclined. I want to replace most of the major components on my 2009 Diamondback Sorrento (http://www.bikepedia.com/QuickBike/BikeSpecs.aspx?Year=2009&Brand=Diamondback&Model=Sorrento&Type=bike#.UeDHRvlwrzw). It was used heavily for 3 and a half years between 2009 and June 2012. In June 2012 I was having a lot of issues with the chain jumping off the gears when I shifted. The local bike shop, having fixed a less extreme version of the issue six months earlier, told me I'd need to replace at least the rear derailer and cassette. But that month I moved further away from campus and began commuting with my car. I've now moved again and would like to start biking again, but in the last year the bike has been neglected, gathered a lot of rust, etc. What I want to replace is both derailleurs both sets of gears (cassette and crank? i believe is the terminology), as well as the Shifters (including break paddles) and all the cables. What I need help with is choosing parts. Does it make sense to just buy new versions of what came on the bike originally? Are there upgrades I can make at a reasonable price? What parts should I be spending a majority of my budget on? Are there certain parts that simply won't work with my bike? Am I out of my mind for trying to swap out all of this stuff? I would like to do the whole project myself and hopefully spend between $100 and $150 dollars to get all the pieces. Any guidance would be greatly appreciated.

Your budget is only going to allow very low end components - but should be reliable. Problem is you are going to have to spend some money on tools; which depending on what you already have, could eat up your entire budget.

Watch out for that RD, it's a 1:1 SRAM, won't work with a std shimano shifters in case you ever change it, remember to stay with a SRAM 1:1 shifter. You also can't take it apart to clean the idler wheels, you have to go to the x.4 model for $10 more, which I would suggest.
Is your FD a rusted P.O.S.? If not, why not save some money & polish the cage & keep it.
Is you rear wheel centered in the frame? Good. Take it out & look at the rear gears. Are they Cassette or freewheel style?
If cassette, you need a chain whip & a cassette tool, which are good to have.

I don't think I have any of these. Are these all necessary things I need to do the work I want to? Can some of the jobs these tools do be done with some less specific tools (screw driver, pliers, etc.)?

Quote:general tools:

I should be all good on this front plenty of screw drivers, wrenches, ratchets, etc..

That looks very similar to the crankset that came on the bike (couldn't find a number to confirm. The chain guard is to prevent the chain from jumping off the largest gear and hitting you in the leg right? I think that's probably a good thing for me. But out of curiosity what the argument for getting a crankset without a chain guard?

what do these numbers actually mean? It seems like those are dimensions for a part that would probably be defined by the frame. But I guess that's not actually the case? And as I said, the crankset you recommended looks very similar to the one I have. Do I necessarily need a new bottom bracket? What does upgrading a BB actually get me in terms of performance. (Is the bike easier to pedal?)

I don't think I have any of these. Are these all necessary things I need to do the work I want to? Can some of the jobs these tools do be done with some less specific tools (screw driver, pliers, etc.)?

what do these numbers actually mean? It seems like those are dimensions for a part that would probably be defined by the frame. But I guess that's not actually the case? And as I said, the crankset you recommended looks very similar to the one I have. Do I necessarily need a new bottom bracket? What does upgrading a BB actually get me in terms of performance. (Is the bike easier to pedal?)

The BB is where the bearings are for the cranks; if they are tight (no wobble) and not making any noise, no need to replace.

The 68 is the BB shell width in mm - which must match the frame; the 113 (in this case) is the length of the axle in BB cartridge, and is supposed to match the specification of the crank set.

I would not replace your crankset unless the teeth are worn or the rings bent.

How did you go about making the shim. I mostly skimmed those 2 topics (a lot of stuff went over my head) but didn't see any specifics on how those were made.

I cut a piece of aluminum tubing to length (about an inch or so long), then cut it in half so that there are two C-shaped pieces, clean up with a file and sanding sponge. Then clean up with alcohol, and put a small piece of double sticky tape on the inside to hold it in position on the bike frame until the FD clamp is tightened.

This seems like a pretty decent purchase, my only concern (probably just ignorance talking): It says 8 spd, but my bike is a 7 speed, is that a problem?

RD need to have the same or more (up to 9, some 10 and higher are somewhat different) speeds as the freewheel/cassette has. 8 speed RD will work fine on a 7 speed freewheel/cassette. You do need to use an 8 speed chain to match the 8 speed RD.

Quote:

Quote:Is you rear wheel centered in the frame? Good. Take it out & look at the rear gears. Are they Cassette or freewheel style?

I'm about 98% sure they are freewheel, not cassette.

Regarding the chainguard - keeps your socks or pants cleaner. For some reason not popular in the USA.